Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Entrepreneur > Module 2 > Flashcards

Module 2 Flashcards

1
Q

The first entrepreneurial process.
It’s the beginning of the process and considered as the most difficult. Take note of interesting trends in environment. Carefully assess the opportunity.

A

Opportunity spotting and assessment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The second entrepreneurial process.
A comprehensive paper that details the marketing, operational, human resource, financial, strategic direction, and tactics of the business. Core guide and direction of the entrepreneur

A

Developing a business plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

The third entrepreneurial process.

Calculate the resources needed to establish the business

A

Determining the capital needed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The fourth and last entrepreneurial process.

Use the resources allocated for the new venture. It’s the implementation.

A

Running the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

3s of opportunity

A

Seeking, screening, and seizing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

An entrepreneur’s business idea that can potentially become a commercial product or service in the future

A

Opportunity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

It involves the development of new ideas from various sources.

There’s two types of sources:

  1. Macroenvironmental sources
  2. Microenvironmental sources
A

Seeking the opportunity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Macroenvironmental sources
It is part of STEEPLED

These are the traditions, beliefs, customs, norms, and perceptions.

A

Sociocultural

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Macroenvironmental sources
It is part of STEEPLED

Innovations of an existing technology.

A

Technological

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Macroenvironmental sources
It is part of STEEPLED

Income, expenses, resources.

A

Economic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Macroenvironmental sources
It is part of STEEPLED

Weather, waste management

A

Environmental

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Macroenvironmental sources
It is part of STEEPLED

Tax policy, political rights, freedom of press

A

Political

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Macroenvironmental sources
It is part of STEEPLED

Restrict or allow business activities

A

Legal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Macroenvironmental sources
It is part of STEEPLED

Sales practices, accepted accounting, management, and marketing standards

A

Ethical

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Macroenvironmental sources
It is part of STEEPLED

The characteristics of the people

A

Demographic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Macroenvironmental sources

A source of the current trend on what is happening in the industry

A

Industry

17
Q

Macroenvironmental sources

New trends that can be the core business model of a new venture

A

New discovery or knowledge

18
Q

Macroenvironmental sources

Projected new opportunities that can possibly affect the new business

A

Futuristic opportunities

19
Q

Micromarket

Current needs and wants of potential costumers

A

Consumer preferences, interests, and perceptions

20
Q

Micromarket

Aid the entrepreneur to develop a product or service that is unique and will surely stand out from the competition

A

Competitors

21
Q

Micromarket

Turning unnoticed products into superstar products

A

Unexpected opportunities from customers

22
Q

Micromarket

Look at a place where they will be able to spot a business opportunity

A

Location

23
Q

Pushing through with the chosen opportunity and make the best out of it.

A

Seizing the opportunity

24
Q

The process of cautiously selecting the best opportunity with effective choosing or careful diligence.

A

Screening the opportunity

25
Q

Most important elements in compelling opportunity:

A
  1. Has superior value to costumers
  2. Solves a compelling problem, issue, need, want
  3. Potential cash cow
  4. Matches the entrepreneur’s skills, resources, and risk appetite
26
Q

Positively improving an existing product or service

A

Innovation

27
Q

One of the types of innovations according to the degree of distinctiveness:
It occur infrequently, and must be protected by patent, trade secret, copyright. Ex: Internet, computer, airplane

A

Breakthrough innovations

28
Q

One of the types of innovations according to the degree of distinctiveness:
Occur more frequently than breakthrough innovations. These are technological advancements of existing products.
Ex: Wi-Fi, laptop, jet airplane

A

Technological innovations

29
Q

One of the types of innovations according to the degree of distinctiveness:
Occurs ordinarily
Ex: Internet plans, wireless mouse, airbus

A

Ordinary innovations

Entrepreneur (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions